$ETH It's always good to be updated on the options we have on the Blockchain to get money whether it's something extra or a livelihood. as there is a very changing dynamic about the options you may have. There are two main approaches to making money in blockchain: actively working or investing:
Active income:
- Blockchain development and freelance jobs: if you have coding skills, you can offer your services to create blockchain applications or smart contracts. There is a growing demand for developers with blockchain expertise. There are also many projects requesting people to model their social networks, manage and advise on their telegram accounts, create advertising campaigns, write and publish content, translations and some other options.
- Blockchain consulting: companies are increasingly looking to integrate blockchain technology into their operations. You can become a consultant and advise them on strategy, implementation and security.
- Play and win games: a new and emerging trend where you can earn crypto rewards by playing blockchain-based games. Some are free, others you must invest
- Renting NFTs: if you own non fungible tokens (NFTs), you can rent them to others and earn income. Fortunately, there are several protocols that can help you liquefy your NFTs without having to sell them.
- Lending Crypto against NFT collateral, Some Decentralized Finance ( DeFi ) protocols allow you to use your NFT as collateral for a loan, similar to a pawn shop.
- Deposit NFT in a vault and mint a token, Another way to create Liquid Markets for NFT is to deposit an NFT in a specialized vault linked to fungible tokens.
- Renting your NFT, The multi-chain NFT rental platform and protocol reNFT , for example, allows its users to rent or lend their NFTs to others and focuses on metaverse assets, such as land and game masks.
Investment (passive income):
- Stake: This involves holding cryptocurrencies in a crypto wallet and locking them to support the security of a blockchain network. In return, you get rewards.
- Yield Farming: this is a more complex strategy where you lend your cryptocurrencies to decentralized finance protocols (DeFi) to earn interest. It can be risky, so make sure you understand the process before diving in.
- Liquidity mining: similar to yield farming, you provide liquidity (crypto assets) to DeFi exchanges in exchange for rewards.
- Cryptocurrency trading: involves buying and selling cryptocurrencies with the goal of profiting from price movements. It is a high-risk, high-reward strategy. It can be used for both trading (buying a cryptocurrency and holding it for relatively long periods, with a view to its revaluation) and trading (buying and selling the cryptocurrency in short periods with the aim of obtaining partial returns).
- Participating in the consensus protocols, participating directly in the consensus protocol of a blockchain with the aim of receiving cryptocurrencies as a reward for our contribution. To do this we must contribute some kind of resource to the network, to collaborate in the creation of blocks of the chain in question. In the case of Bitcoin (and all those blockchains that work with the Proof of Work protocol) we must first install the client software (such as Bitcoin Core) that allows us to run the network protocol. Once the software is downloaded, we will have a copy of the blockchain and therefore the ability to participate in the network protocol through the creation of new blocks, becoming a mining node. For each valid block we create we will be rewarded with the native token of the network, that is, if we are in Bitcoin with the bitcoin token,
- In the case of other protocols such as Proof of Stake (networks like Polygon and Ethereum 2.0 ) we must also install an initial software to become a validating node, but unlike Proof of Work, the process of creating the blocks does not depend on the computational power, but on the financial contribution to the network. That is, the number of tokens you have in your wallet.
- The higher the number of blocked tokens, the higher the probability of being chosen to create a block. Like Proof of Work, the creator of a block is rewarded with the network's native tokens.
- Through DeFi